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Almasane Alkobra Mining Company (AMAK) Unveils the Strategic Plan

1322
AMAK
7.49 %
1446/03/06     09/09/2024 08:00:24

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Announcement Detail Almasane Alkobra Mining Company (AMAK) is pleased to announce the launch of its strategic growth plan until the end of 2025, aiming to strengthen its position in the mining industry in line with Vision 2030 for economic diversification and sustainable development. This is part of its efforts to achieve the highest levels of sustainable economic growth, relying on a set of initiatives aimed at expanding and improving the scope of its operations to ensure continued operational excellence and increased production capacity, adding value to all stakeholders and the local community.

Key pillars of the strategy are:

- Developing Khutainah project for gold deposit production.

- Expanding and developing nearby orebodies for Gold deposits in Sukari 1,2 and Alaqiq.

- Enhancing operational efficiency, infrastructure, and starting underground mining at Guyan gold mine.

- Starting the production for Iron Oxide at Nuham site within Three months of the mining license issuance which is currently in its final stages.

- Launching a new company specialized in drilling and exploration to support the company’s future expansions.

- Building new facilities to increase the storage capacity for dry tailings using safe, sustainable, and environmentally responsible methods.

- Strengthening the company’s portfolio by acquiring additional exploration licenses for promising base and precious metal sites.

- Expanding the company’s activities to include the exploration and mining of industrial minerals.

- Start planning and working on connecting AMAK facilities to the national electricity grid to enhance sustainability and reduce carbon emissions.

Any material developments in this regard will be announced later.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Key Parameters
Last Price 68.9
Net Change 4.8 (+7.49%)
Value Traded (Sar) 111,477,622.7
Volume Traded 1,653,189
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